Manulife Financial Co. (NYSE:MFC) Receives Average Recommendation of “Buy” from Brokerages

Shares of Manulife Financial Co. (NYSE:MFC) (TSE:MFC) have been given an average recommendation of “Buy” by the six research firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $45.50.

A number of research firms have commented on MFC. Royal Bank of Canada lifted their price objective on shares of Manulife Financial from $49.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, February 21st. Scotiabank reaffirmed an “outperform” rating on shares of Manulife Financial in a report on Monday, February 3rd.

Manulife Financial Price Performance

Shares of MFC stock opened at $31.34 on Tuesday. The company’s fifty day moving average price is $30.09 and its two-hundred day moving average price is $30.34. The firm has a market capitalization of $53.99 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.11 and a beta of 1.05. Manulife Financial has a 12 month low of $22.61 and a 12 month high of $33.07.

Manulife Financial (NYSE:MFC) (TSE:MFC) last issued its quarterly earnings results on Wednesday, February 19th. The financial services provider reported $0.74 EPS for the quarter, topping the consensus estimate of $0.67 by $0.07. The business had revenue of $9.31 billion for the quarter. Manulife Financial had a net margin of 10.08% and a return on equity of 15.98%. On average, sell-side analysts anticipate that Manulife Financial will post 2.87 EPS for the current year.

Manulife Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Wednesday, March 5th were paid a dividend of $0.3094 per share. This is a boost from Manulife Financial’s previous quarterly dividend of $0.30. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend was Wednesday, March 5th. Manulife Financial’s payout ratio is currently 58.45%.

Hedge Funds Weigh In On Manulife Financial

A number of institutional investors and hedge funds have recently bought and sold shares of MFC. FIL Ltd boosted its stake in Manulife Financial by 21.7% during the 4th quarter. FIL Ltd now owns 39,610,614 shares of the financial services provider’s stock valued at $1,216,880,000 after purchasing an additional 7,053,066 shares in the last quarter. TD Asset Management Inc. grew its stake in shares of Manulife Financial by 0.7% in the 4th quarter. TD Asset Management Inc. now owns 34,803,859 shares of the financial services provider’s stock worth $1,068,654,000 after purchasing an additional 228,863 shares during the last quarter. National Bank of Canada FI raised its holdings in shares of Manulife Financial by 13.5% in the 3rd quarter. National Bank of Canada FI now owns 28,063,936 shares of the financial services provider’s stock worth $829,374,000 after purchasing an additional 3,329,892 shares in the last quarter. Mackenzie Financial Corp boosted its holdings in Manulife Financial by 0.9% during the fourth quarter. Mackenzie Financial Corp now owns 24,614,416 shares of the financial services provider’s stock worth $755,367,000 after buying an additional 230,105 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in shares of Manulife Financial by 4.1% during the 4th quarter. Toronto Dominion Bank now owns 22,812,909 shares of the financial services provider’s stock valued at $699,948,000 after acquiring an additional 902,466 shares during the last quarter. Institutional investors own 52.56% of the company’s stock.

About Manulife Financial

Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks.